Visteon Corporation Forms Joint Venture with Nichirin Company, Ltd.

04.10.2000 – 13:59

Dearborn, Mich. (ots-PRNewswire) - Visteon Corporation (NYSE: VC)
and Nichirin Company, Ltd. (OSE: NCRN), of Himeji-city, Japan, today
announced a joint venture that will provide leading-edge automotive
hose technologies and manufacturing expertise to support vehicle
manufacturers throughout Europe.
The companies have signed an agreement to form a joint venture
that will manufacture air conditioning hoses for use in Visteon's
hose coupling process located at the Autopal facility in Novy Jicin,
Czech Republic.
"This joint venture is another example of Visteon's tradition of
associating with industry leaders," said Frank Croskey, vice
president and general manager, Climate Control Systems. "Visteon's
association with Nichirin will offer customers significant advantages
by combining our hose coupling technology with Nichirin's expertise
in chemicals, rubber and hoses."
The joint venture will be located in Rychvald, Czech Republic. The
operations will commence in late 2001.
As part of a broader strategy for global leadership within the
automotive hose market and to support OEMs throughout the world, the
letter of intent originally governing this venture also calls for
Visteon to purchase a 10 percent stake in Nichirin Company, Ltd., in
the near future.
This alliance combines Visteon's global sales, service, automotive
hose technology and extensive manufacturing locations with Nichirin's
chemical, rubber and hose material manufacturing and technological
expertise.
Visteon is a leading full-service supplier that delivers
consumer-driven technology solutions to automotive manufacturers
worldwide and through multiple channels within the global automotive
aftermarket. Visteon has a global delivery system of more than 130
technical, manufacturing, sales, and service facilities located in 23
countries. It has 81,000 employees working in three business
segments: Dynamics and Energy Conversion; Comfort, Communication and
Safety; and Glass.
Nichirin Company, Ltd., with its head office located in Kobe,
Japan, is a specialty manufacturer of various automotive hoses,
holding a large share of Japan's domestic market. Nichirin is a
pioneer in the manufacturing of automobile air conditioning hoses,
power steering hoses, and hydraulic brake hoses. Nichirin is an
integrated manufacturer in the refining of the rubber to assembly of
the complete hose couplings. Nichirin has seven production locations
in six countries that support the company's global strategy of
providing products that meet the expectations of their worldwide
customers.
This press release contains forward-looking statements made
pursuant to the Private Securities Litigation Reform Act of 1995.
Words such as "estimated" and "potentially" signify forward-looking
statements. Forward- looking statements are not guarantees of future
results and conditions but rather are subject to various risks and
uncertainties, some of which are and will be identified as "Risk
Factors" in Visteon's SEC filings. See "Risk Factors" section of
Visteon's prospectus dated June 13, 2000 as filed with the SEC on
June 14, 2000. Should any risks and uncertainties develop into actual
events, these developments could have material adverse effects on
Visteon's business, financial condition and results of operations.
Visteon news releases, photographs and product specification
details are available at www.visteon.com
ots Original Text Service: Visteon Corporation
Internet: http://recherche.newsaktuell.de
Contact:
Media Inquiries: Craig Miner, 313-755-5788, lminer1@visteon.com, or
Investor Inquiries: Kent Niederhofer, 313-755-3699,
kniederh@visteon.com, both of Visteon Corporation; or Yoshio Imamura,
Managing Director of Nichirin Company, Ltd., ++0792-51-2105,
Imamura@nichirn.co.jp
Web site: http://www.visteon.comOriginal-Content von: Visteon Corporation, übermittelt durch news aktuell